Renaissance Group LLC Sells 13,126 Shares of Rambus, Inc. $RMBS

Renaissance Group LLC cut its position in Rambus, Inc. (NASDAQ:RMBS) by 10.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 108,467 shares of the semiconductor company’s stock after selling 13,126 shares during the period. Renaissance Group LLC’s holdings in Rambus were worth $11,302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently modified their holdings of the company. Hussman Strategic Advisors Inc. purchased a new stake in Rambus in the 3rd quarter worth $1,094,000. Nordea Investment Management AB boosted its stake in shares of Rambus by 1,216.0% in the second quarter. Nordea Investment Management AB now owns 69,116 shares of the semiconductor company’s stock worth $4,381,000 after acquiring an additional 63,864 shares during the period. Oak Grove Capital LLC purchased a new stake in shares of Rambus during the second quarter worth about $519,000. Mirae Asset Global Investments Co. Ltd. raised its stake in Rambus by 1,320.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 129,676 shares of the semiconductor company’s stock valued at $13,512,000 after purchasing an additional 120,549 shares during the period. Finally, First Citizens Bank & Trust Co. lifted its holdings in Rambus by 250.9% in the 2nd quarter. First Citizens Bank & Trust Co. now owns 13,591 shares of the semiconductor company’s stock worth $870,000 after purchasing an additional 9,718 shares in the last quarter. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Wall Street Analysts Forecast Growth

RMBS has been the subject of a number of research analyst reports. Evercore cut their price objective on shares of Rambus from $126.00 to $119.00 and set an “outperform” rating for the company in a report on Tuesday. Wells Fargo & Company raised their target price on shares of Rambus from $73.00 to $115.00 and gave the company an “overweight” rating in a research note on Tuesday, October 28th. Rosenblatt Securities reiterated a “buy” rating and issued a $130.00 price target on shares of Rambus in a research note on Tuesday. Weiss Ratings upgraded Rambus from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Finally, Zacks Research raised Rambus to a “hold” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Rambus presently has a consensus rating of “Buy” and a consensus price target of $105.71.

Insider Buying and Selling

In other Rambus news, Director Eric B. Stang sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, November 10th. The stock was sold at an average price of $111.78, for a total transaction of $447,120.00. Following the sale, the director directly owned 20,394 shares of the company’s stock, valued at $2,279,641.32. The trade was a 16.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.00% of the company’s stock.

Rambus Stock Up 9.2%

Shares of NASDAQ:RMBS opened at $107.10 on Friday. The firm has a fifty day simple moving average of $101.59 and a two-hundred day simple moving average of $93.27. Rambus, Inc. has a 52 week low of $40.12 and a 52 week high of $135.75. The stock has a market capitalization of $11.53 billion, a P/E ratio of 50.76 and a beta of 1.53.

About Rambus

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.